Russia-Ukraine War: Effects to the Global Economy

War occurs even when civilization is still in the process of developing. It happened even
years ago when humanity was still growing and expanding. The war that takes
place between Russia and Ukraine this year, 2022, will have a significant impact on the
economies of both countries. Their economy, which is still recovering from the effects of
the global pandemic on its citizens' livelihoods and lives, is now confronted with a new
and much more dangerous situation. The pandemic alone has a significant impact on
the flow of globalization in terms of its progress and how to cope with sudden changes;
how much more so if war breaks out in the midst of returning to the new normal set up?
As further described by Holland et al. (2022), the war appears to be the most serious in
Europe as of 1945. As civilians fled, Russian forces conducted out military strikes,
seized military installations, and advanced forward into Kyiv. Western officials warned
that the capital could drop at any moment, as its defense systems had been torn down.
With thee being said, what affects the most is the innocent lives of people who do not
have any idea about what they did wrong or what did their government have done for
this war to take away their sources of life. Their daily routine has become much more
expensive as a result of the high demand for but limited supply of goods and services
that are essential for survival. Family incomes would be used to buy food, fuel, and
other necessities, and in some cases would not be enough to cover other expenses.
According to the report of Holland et al. (2022), some Western governments are taking
steps to punish Russia's president, Vladimir Putin. While Ukraine fights for its survival,
the global economy is also trembling as a result of the conflicts brought about by this
war. One of the actions taken by US President Joe Biden is the imposition of new
sanctions on Russian banks. The demand for these nonrenewable resources is high,
especially at a time when some public transportation is limiting the number of
passengers allowed resulting on less earnings. The global economy is already feeling
the effects of this war, as energy prices, such as oil, have risen. The strike of this war is
much dangerous to what the pandemic have brought since lives are much more
vulnerable to death.
Because the global economy is associated to its people, it is affected by unexpected
shift in how people continue to contribute to its economy. With this environment, we are
still focusing on how we can recover from the sudden adjustments brought about by the
global pandemic, as well as the additional consequences of emerging wars, which have
had a significant impact on how our economy operates. The effects of war are most
visible among the people who live in the involved countries, and these people are the
primary contributors to the economy's operation. The Russia-Ukraine war claimed lives
and livelihoods, and it will have a significant impact on the economies of both countries.
https://www.bloomberg.com/news/features/2022-02-25/war-in-ukraine-how-the-ukraine-
russia-conflict-could-impact-the-global-economy

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